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Peter Todd - Development Update Oct 1, 2014 2 minute read CHECKLOCKTIMEVERIFY - Reference implementation and BIP draft written I just the first stage of my work implementing the new CHECKLOCKTIMEVERIFY opcode to the Bitcoin development mailing list for peer review. This first stage involves a, a full set of unittests, and a.

Assuming the peer review goes well and no objections are raised to the opcode itself the next step is to plan in detail exactly how the upgrade will happen and how we will test that upgrade in advance. So what’s CHECKLOCKTIMEVERIFY all about anyway? Right now in Viacoin and all other Satoshi-derived crypto-currencies you’re able to create a transaction that can’t be mined until some point in the future using a feature called nLockTime. This feature is used as a building block for a lot of other protocols, including micropayment channels, escrows, 2-factor wallets, etc. The problem is nLockTime usually doesn’t do what we actually want to do: make sure a transaction can’t be spent a certain way until some time in the future. CHECKLOCKTIMEVERIFY fixes this problem by putting the time controls of when coins can be spent into the scripting language itself.

In addition, since the timelocking is done at the script level rather than transaction level we also protect these protocols against. Why is all this written for Bitcoin, not Viacoin? Bitcoin and Viacoin share a common codebase, and most of the top minds in the crypto-currency space are involved in Bitcoin Core development, myself included. Running new features and new ideas past that group is excellent peer review. In fact, an important part of the design of CHECKLOCKTIMEVERIFY is a clever idea from Bitcoin Core Developer Gregory Maxwell! Of course with the “slow and steady” speed at which Bitcoin Core moves it’s almost certain that Viacoin will implement CHECKLOCKTIMEVERIFY first. What’s going on with treechains?

When I was in London last month I got the chance to speak to one of the Bitmessage devs. To make a long story short, it looks like Bitmessage will make a great “version zero” application for treechains to start testing out the basics of the idea in a real application. You can expect to see some code by the end of this month. Also, if you’re in Israel Oct 19th-20th, I’ll be speaking at the about treechains.